Nvidia Eyes $10B Stake in Anthropic's Potential Record-Breaking IPO

Nvidia is reportedly in discussions to invest up to $10 billion in Anthropic as the artificial intelligence company prepares for what could become the largest initial public offering in history. According to a Reuters report published Saturday, citing people familiar with the confidential negotiations, Anthropic is targeting a raise of as much as $100 billion at a valuation near $2 trillion. The talks remain ongoing and terms could shift, with sources speaking anonymously due to the sensitive nature of the discussions.

The proposed investment would give Anthropic a prominent strategic backer while deepening Nvidia's relationship with one of its key customers in the AI infrastructure market. Reuters noted that Anthropic declined to comment on the report, while Nvidia had not responded to a request for comment at the time of publication. The deal would mark a significant expansion of Nvidia's footprint beyond AI hardware into the broader ecosystem of frontier model development.

Earlier in September, Nvidia agreed to acquire Hugging Face for $12.9 billion, a move that would extend the chipmaker's reach into the software platforms developers use to build artificial intelligence applications. Hugging Face serves more than 18 million developers and hosts over three million models, according to Nvidia CEO Jensen Huang. The acquisition would give Nvidia control of a major hub for AI model distribution as competition intensifies among technology companies spanning chips, software, and developer tools.

Separately, Cointelegraph reported on August 11 that Bitcoin miner Riot Platforms secured a 20-year agreement to supply 191 megawatts of capacity from its Rockdale, Texas, campus to a "leading frontier AI" company. Bloomberg later identified that customer as Anthropic, with the deal valued at approximately $9 billion. Together, these developments signal Anthropic's aggressive expansion of compute resources to support its growing AI workloads and its positioning ahead of a potential public market debut.